NEED FOR YOUR OWN BUSINESS PLAN :

For a startup business, creating a business plan is like creating a game plan in sports. You need to scout out all the information to create a winning strategy for the game. While business plans for existing companies may have a special focus, such as setting overall goals, reviewing specific operations, evaluating new products, assessing new technology in the industry, or some other specific purpose, the business plan for a startup company is the blueprint for its formation, its operation, and its success. A business plan exposes a new company’s strengths and weaknesses. It reveals ways to capitalize on the strengths and minimize the weaknesses, uncovers every facet of the business that can be developed, and points to the best method for that development. It provides a structure for the company’s pursuit of the winner’s trophy.

ELEMENTS OF A BUSINESS PLAN:

Contrary to the belief, there is no single format to present the business plan. If you look for any successful business plans, you will find that no one format fits them all. Depending upon the nature of the business, certain topics take precedence over others.

A complete business plan for a startup company is best organized according to the logical development of the business and is comprised of at least 10 basic components.

A. Executive Summary: A brief (typically 1-2 page) overview of your plan. If your executive summary doesn’t captivate your audience, you won’t get very far.
B. Opportunity: What need do you plan to address? It had better be a large opportunity that many customers will be willing to give you their money in exchange for your offering.
C. Solution: A description of how your product or service will fulfil the need.
D. Business Model: What is your customer value proposition? How do you intend to make money? How will you create customer value and how will you deliver it to your customers?
E. Market: Who is the customer, what are their characteristics, how many of them are there, and how many can you reach before your competitors do? What is your total available market?
F. Marketing: How will you get your product in front of your customer, and how do you persuade them to buy it?
G. Competition: Who else is working to fulfil the need, either directly or indirectly?
H. Competitive Advantages: What competitive advantages do you have that will allow you to get – and stay – ahead of them? Do you have some unique, protectable intellectual property?
I. Team: What qualifies you and your team to pull this off?
J. Traction: What milestones have you already achieved?
K. Operating Plan: What are the nuts-and-bolts of your business?
L. Risks: What can go wrong with your plan, and how can you mitigate these risks?
M. Financial Plan: What financial resources do you require, and how do you intend to use the money? What are the key assumptions underlying your financial forecast? Is there a viable exit plan?

WHY TO RECRUIT BRAINBOX

The saying, “There’s no second chance to make a good first impression and we make sure that your first chance will never go waste because we will help you refine your ideas and strategies, and mold them into a viable business.

We challenge your assumptions, fill gaps in your thinking, do lots of independent research and analysis, and help formulate business models, tactics, and strategies.

We help crystalize your long-term competitive differentiation, identify target markets, and plan for business scalability.

And then we help you express it in a compelling package – whether it’s a business plan, pitch deck, financial forecast, Business Model Canvas, elevator pitch, or executive summary – that is most appropriate for your specific situation and target audience.

TIME INVOLVED

Don’t be concerned if you aren’t familiar with all of these concepts. We will be here to help you. The whole process can be accomplished in two to four weeks, depending on your business.

QUESTIONS A STARTUP ENTREPRENEUR MUST ASK ONESELF:

a) Are you prepared to operate a business?
b) Have you already decided upon your product(s) or service(s)?
c) Have you investigated other types of businesses?
d) Have you explored the broad economic business sectors: manufacturing, wholesale, retail, service …?
e) Have you considered other industries within the sector of your choice?
f) Have you thought about what types of businesses are strongest now and for the future?
g) Have you checked out franchises?
h) To check out the possibilities and benefits of becoming a franchise outlet owner or franchisor.
e) Do you have a location in mind?
f) Have you researched the principles of site selection: physical site needs (address, neighbourhood, interior lot, corner lot), cost-effectiveness, interior space, exterior space, visibility, traffic volume (which side of the street and times of the day), and accessibility?
g) Are you familiar with the advantages and disadvantages of types of sites, such as freestanding buildings, storefronts, regional malls, and many others?
h) Are you familiar with the principles of lease negotiation?
i) Have you located the necessary business consultants–accountant, banker, and others?
j) Do you know your financial position, your credit rating, your investment costs?